The Future of Farming: Exploring the Benefits of Smart Irrigation Technology

Posted by edwardzmusso on June 10th, 2024

The smart irrigation market is estimated to be worth USD 1.8 billion in 2024 and is projected to reach USD 3.0 billion by 2029, growing at a CAGR of 11.2% during the forecast period. The increasing number of government initiatives towards water conservation is expected to drive the market growth of smart irrigation systems. Furthermore, the decline in cost of smart irrigation systems is anticipated to provide growth opportunities for market players that offer smart irrigation systems.

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Smart irrigation systems currently play a pivotal role in emerging technologies, particularly by integrating Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML). They transform how water is managed in agriculture and landscaping which makes these systems more efficient, precise, and user-friendly. Moreover, the integration of IoT in smart irrigation systems enables the connection of various devices and sensors which allows them to communicate and share data. This connectivity facilitates real-time monitoring and control of irrigation based on comprehensive data analysis which enhances the optimization of water use. Furthermore, AI and ML algorithms analyze the vast amounts of data collected by sensors to predict optimal irrigation times and amounts. These technologies can learn from historical data and adapt to changing conditions that improve the efficiency and crop yield over time. These developments underscore the critical impact of smart irrigation systems, which is expected to create growth opportunities for market players offering smart irrigation systems in the next five years.

The sensor component of the smart irrigation market is expected to grow at the highest CAGR during the forecast period. Factors driving this growth of the sensors in the market includes changing climatic conditions, stricter environmental regulations, and the need to improve crop productivity. Advances in wireless technologies are also contributing to the market growth, such as integrating Wi-Fi or cloud-based systems with soil moisture sensors for real-time field data and using GPS for tracking the movement of irrigation machinery. The increasing adoption of soil moisture sensors, rain sensors, and fertigation sensors for irrigation scheduling on farms is expected to fuel the market growth during the forecast period.

The weather-based system type is expected to hold the larger market size during the forecast period. This is attributed to factors such as increasing popularity among homeowners, commercial building contractors, and landscaping and golf course managers. The rapid development of the non-residential segment significantly increased the demand for weather-based controllers. Furthermore, the increasing need to adjust the amount of irrigation based on soil characteristics and water pressure drives the market growth of weather-based system type during the forecast period.

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Key players in the smart irrigation market with a strong geographical presence are The Toro Company. (US), Rain Bird Corporation. (US), Netafim (Israel), HUNTER INDUSTRIES INC. (US), and HydroPoint (US). These players focus on organic and inorganic growth strategies to strengthen their position in the smart irrigation market.

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edwardzmusso
Joined: February 8th, 2021
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